The HKMA plans to bring regulated stablecoins into tokenized government debt trials, while HSBC says its RedCoin stablecoin has reached 50,000 users.
Hong Kong has expanded its Project Ensemble pilot to allow round-the-clock settlement of tokenized transactions, as the city’s monetary regulator prepares to bring regulated stablecoins into trials involving tokenized government debt.
On Monday, the Hong Kong Monetary Authority (HKMA) said that it had advanced its EnsembleTX project to a new stage allowing 24/7 real-value transactions. The HKMA said the update would help banks and their clients move funds globally, manage tokenized investments and handle treasury operations outside conventional settlement hours.
Participating banks initially settled payments through Hong Kong’s existing dollar settlement system, which limited settlement hours. When the pilot began real-value trials in November 2025, the HKMA said it planned to introduce tokenized central bank money to allow settlement around the clock.
The HKMA launched Project Ensemble in March 2024 to explore how banks could settle tokenized transactions using wholesale central bank digital money. A sandbox opened that August, allowing banks to connect their tokenized deposit platforms and test transactions.
Speaking at Hong Kong FinTech Week on Monday, HKMA Chief Executive Eddie Yue said the regulator was introducing tokenized central bank money as a “foundation layer” for 24/7 settlement. He said tokenized bonds, money market funds and bank deposits were already being used.
The HKMA also said recognized dealers had completed secondary-market trial trades in tokenized Exchange Fund Bills, a form of short-term debt issued by the regulator.
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